Arkansas § 2-15-306 - Transfer of lien — Priority.
Full text of Arkansas Arkansas Code of 1987 Annotated § 2-15-306 — Transfer of lien — Priority., with citation guidance and answers to common questions.
§ 2-15-306. Transfer of lien — Priority.
A purchaser or sales agent takes free of an owner's lien otherwise applicable to the grain, soybeans, or peanuts purchased and is relieved of any obligations created under § 2-15-303 if the purchaser or sales agent pays the full amount of required consideration for the grain, soybeans, or peanuts under a good faith, noncollusive agreement to purchase the grain, soybeans, or peanuts. If a purchaser or sales agent pays the full amount of consideration under subdivision (a)(1) of this section, the owner's lien transfers to the proceeds paid by the purchaser or sales agent. An owner's lien shall continue uninterrupted in the proceeds paid to or otherwise due the first purchaser. Except as specifically provided in this section, an owner's lien has priority over the rights of a purchaser or sales agent.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 2-15-306
What does Arkansas Code of 1987 Annotated § 2-15-306 cover?
Section 2-15-306 ("Transfer of lien — Priority.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 2-15-306?
A common citation format is "Arkansas Code of 1987 Annotated § 2-15-306" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 2-15-306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.